NEW YORK CITY — Locally based commercial finance firm Dwight Capital has provided a $22.2 million bridge loan for the acquisition of Queens Village Apartments, a 132-unit multifamily complex. The property comprises three- and six-story apartment buildings featuring a mix of rent-controlled and rent-stabilized units, as well as onsite maintenance services and laundry facilities. Adam Sasouness of Dwight Capital originated the financing, which was arranged by Marvin Jeremias of Crossmark Capital. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
HOLTSVILLE, N.Y. — Illinois-based investment firm Venture One Real Estate, in partnership with Kovitz Investment Group, has acquired a 50,061-square-foot industrial building located at 889 Waverly Ave. in the Long Island community of Holtsville. The property was built in 1981 and features a clear height of 20 feet, five exterior docks and 3,140 square feet of office space. Tommy Rosati, Jason Maietta and Brandon Lichtenstein of Colliers represented the undisclosed seller in the transaction. The property was fully leased to a single tenant at the time of sale.
PHILADELPHIA — PIDC and Ensemble/Mosaic have revealed the “2022 Navy Yard Plan,” a roadmap for $6 billion of new investment for Philadelphia’s Navy Yard over the next 20 years. Plans call for 12,000 new jobs and 8.9 million square feet of new life sciences, commercial, residential, retail and mixed-use development. Of the total $6 billion investment, Ensemble/Mosaic’s development initiatives are slated to generate $4.8 billion. This is the third plan undertaken since PIDC, Philadelphia’s public-private economic development corporation, took ownership of the former military base on behalf of the City of Philadelphia. The original plan was formulated in 2004, followed by an updated one in 2013. “The Navy Yard has been an anchor and economic driver for Philadelphia for more than two centuries, serving in both times of war and peace. Today, the progress it has made and will continue to make as outlined in this plan will help reinforce its role as a leading business and life sciences campus and an unrivaled asset to the city,” says Philadelphia Mayor Jim Kenney. The development team plans to significantly expand the Navy Yard’s cluster of cell and gene therapy firms by building out an additional 4.3 million square feet of lab …
NEW YORK CITY — A consortium of lenders led by J.P. Morgan and including Bank of America and M&T Bank has provided $415 million in financing for 3 Times Square, a 30-story office building in Midtown Manhattan. The borrower, The Rudin Family, launched a renovation program last spring that added new tenant amenities and health and wellness features. In addition to consolidating existing debt, a portion of the proceeds will be used to advance the repositioning, specifically to modernize the lobby and building systems, as well as to activate the outdoor amenity space and fund leasing costs. The 885,000-square-foot building was originally constructed in 2001 as the North American headquarters of Reuters. In addition, earlier this year, Rudin signed Touro College to a 243,305-square-foot lease for a new campus within 3 Times Square.
HAMILTON, N.J. — Cushman & Wakefield has brokered the $97.5 million sale of Homestead at Hamilton, a 195-unit seniors housing community located outside of Trenton in Central New Jersey. Homestead at Hamilton sits on 20 acres and offers independent living, assisted living and memory care services. Amenities include a restaurant-style dining room, a pub, game and card room, fitness center and a rehabilitation gym. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller and developer, an affiliate of Pike Construction Co., in the transaction. The buyer was Inspired Healthcare Capital. Homestead at Hamilton was close to fully leased at the time of sale.
PROVIDENCE, R.I. — Developer EQT Exeter has begun leasing Emblem 125, a 249-unit apartment community in Providence. Designed by Torti Gallas + Partners, Emblem 125 features studio, one-, two- and three-bedroom units, and amenities include a fitness center, game area, resident lounge, concierge services and an outdoor courtyard. The building also houses 19,398 square feet of retail space. Shawmut Design & Construction served as the general contractor for the project, construction of which began in October 2020. Rents start at roughly $2,100 per month for a studio apartment. Bozzuto is the property manager.
NEW YORK CITY — JLL has negotiated the $44 million sale of the Kokot Portfolio, a collection of seven multifamily properties totaling 133 residential units and one retail space in Manhattan. Specifically, the properties are located in the Chelsea, East Village and Gramercy neighborhoods. Hall Oster and Teddy Galligan of JLL represented the undisclosed seller in the transaction. The buyer was Aya Acquisitions.
COLONIE, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16 million permanent loan for the refinancing of a portfolio of 16 industrial buildings totaling 302,914 square feet in Colonie, located outside of Albany in upstate New York. The direct lender was a bank, and the borrower was a locally based private investment group. Both parties requested anonymity.
CHARLESTOWN, MASS. — CBRE has brokered the $96.3 million sale of The Graphic Lofts, a 171-unit apartment complex in the Sullivan Square neighborhood of Charlestown, a northern suburb of Boston. Built in 2019, the property houses studio, one-, two- and three-bedroom units with an average size of 843 square feet, as well as 5,723 square feet of retail space. Amenities include a fitness center, coffee bar, game room, community kitchen and a rooftop deck with grilling stations. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Berkeley Investments, in the transaction. The team also procured the buyer, an affiliate of Denver-based EverWest Real Estate Investors.
MONTCLAIR, N.J. — PGIM Real Estate has provided an $87.1 million loan for the refinancing of Valley & Bloom, a 258-unit multifamily property located in the Northern New Jersey community of Montclair. Valley & Bloom features studio, one-, two- and three-bedroom units with stainless steel appliances and full-size washers and dryers, as well as roughly 20,000 square feet of both office and retail space. Residential amenities include two fitness centers, two rooftop decks, two courtyard lounges, a resident clubhouse and a children’s playroom. Jim Cadranell, Jon Mikula and Michael Lachs of JLL arranged the seven-year, floating-rate loan on behalf of the borrower, a joint venture between LCOR Inc. and Madison International Realty.